The Stockport-headquartered tech and consumer goods etailer has posted losses of £1m for the six months to May 31, 2022, a significant reduction on the £17.7m in the previous period, which included one-off costs of around £22.9m.
The listed firm’s revenue dipped slightly from £72.7m to £71.2m during the same time. musicMagpie said the growth in sales of consumer technology “largely offset” the post-pandemic fall in disc media and books. Consumer technology revenue rose 15.9% to £46m, while disc media and books slipped by 23.6% to £25.3m.
Chief executive Steve Oliver said: “I am pleased that the business has delivered a strong performance in our strategically important consumer technology division, which now represents two-thirds of our total revenue. I am also delighted with the progress being made in our device rental subscription service.”
Oliver added that given the current economic climate, he expects to see device rental as a significant growth area: “In light of the continuing squeeze on consumer spending, we believe that this will become an increasingly attractive option to a wider range of consumers seeking to replace their non-discretionary technology products in a cost-effective way,” he said.
Oliver also revealed that the company has entered into a new £30m revolving credit facilty with HSBC and NatWest which will help it to deliver its planned medium-term growth strategy.
The company added that it expects to see continuing improvement in its H2 results, not least due to the expected revenue that will be delivered when Black Friday sales are accounted for.